CSX vs NSC: CSX and Norfolk Southern compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- CSX is the larger company, worth $90.3B, about 1.3 times Norfolk Southern.
- Norfolk Southern grew revenue faster over the last year (+11.4% vs +10.1%).
- CSX keeps more of each dollar of revenue as operating profit (34.1% vs 32.2%).
- On earnings, Norfolk Southern is the cheaper stock (26.8x vs 29.8x).
- CSX's price assumes faster free cash flow growth: about 18% a year, against 12% for Norfolk Southern (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CSX | NSC |
|---|---|---|
| Market cap | $90.3B | $71.6B |
| Share price | $47.26 | $317.79 |
| Revenue (last fiscal year) | $14.1B | $12.2B |
| Free cash flow (last fiscal year) | $1.7B | $2.2B |
| Revenue growth, last year | +10.1% | +11.4% |
| Revenue growth per year, last 5 fiscal years | +3.0% | +2.3% |
| Operating margin | 34.1% | 32.2% |
| Net margin | 22.2% | 21.0% |
| Return on equity | 22.9% | 16.2% |
| P/E (trailing) | 29.8x | 26.8x |
| Price / free cash flow | 52.8x | 33.2x |
| EV / EBITDA | 16.0x | 15.7x |
| FCF growth the price implies | 17.7% | 11.6% |
| Dividend yield | 1.1% | 1.7% |
| Debt / equity | 2.17x | 1.78x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 8 |
| Insider purchases, last 12 months | 2 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CSX
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.5B | $3.3B | 44.7% |
| 2022 | $14.9B | $3.4B | 40.1% |
| 2023 | $14.7B | $3.3B | 37.5% |
| 2024 | $14.5B | $2.7B | 36.1% |
| 2025 | $14.1B | $1.7B | 32.1% |
Norfolk Southern
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.1B | $2.8B | 39.9% |
| 2022 | $12.7B | $2.3B | 37.7% |
| 2023 | $12.2B | $852M | 23.5% |
| 2024 | $12.1B | $1.7B | 33.6% |
| 2025 | $12.2B | $2.2B | 35.8% |
Where the revenue comes from
CSX · by segments, 2025
Rail Operations$13.3B94%
Trucking Operating Segment$839M6%
Norfolk Southern · by segments, 2025
Merchandise$7.7B63%
Intermodal$3.0B25%
Coal$1.5B12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CSX in InvestinglyQuestions
Which is bigger, CSX or Norfolk Southern?
CSX (CSX), at $90.3B against $71.6B.
Is CSX or NSC cheaper?
By trailing P/E, Norfolk Southern (26.8x) is cheaper than CSX (29.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CSX or NSC?
Norfolk Southern: revenue grew +11.4% over the last year, against +10.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.